All this discussion makes me think about that bet Warren Buffet issued some years back about dumb index vs managed hedge fund. Political authority is an interesting slant to all this. Makes me also think about Thomas Sowells "varieties of nothing", ie putting on a show to make it look like someone is doing something when their net contribution is near nil. http://www.npr.org/2016/03/10/469897691/armed-with-an-index-...